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NEW DELHI: ICICI Bank today suspended 18 employees, a day after the lender and two of its peers were accused of indulging in money laundering activities.

The suspension is pending the bank's investigation into money laundering charges, sources in ICICI said. The probe is expected to be completed in two weeks.

Country's three largest private banks, including ICICI Bank, were yesterday accused of indulging in money laundering both within and outside, with an online portal Cobrapost claiming that a sting operation conducted by it has revealed a scam.

The portal Cobrapost had yesterday played the contents of purported video recording of officials of private banks including ICICI Bank, allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.

The footage taken in 'Operation Red Spider', purportedly shows a number of senior executives of the three banks verbally agreeing to take huge amounts of cash from the undercover reporter and putting them into a variety of long-term investment plans so that the black money ultimately is converted into white.

However, no account was opened nor any cash deposited in these banks.

After the sting operation was played out, ICICI Bank had said they have constituted a high-level inquiry and a report in this regard will be submitted in two weeks.

"ICICI group conducts its business with the highest level of compliance to legal and regulatory requirements. All employees of the group are trained and required to adhere strictly to the Group Code of Conduct, including AML and KYC norms," the bank had said.